Thames Water Utilities Holdings Limited's restructuring plan received High Court approval to address its £16 billion debt crisis. It requires £3.3 billion over five years to continue operations while avoiding special administration triggered by impending insolvency. The approved plan offers a £3 billion loan at a 9.75% interest rate, though alternative proposals from secondary creditors were deemed less favorable. Critics, including campaign group River Action's chairman, argue that customers will unfairly shoulder the burden of debt and associated costs while executives avoid accountability, raising concerns about the environmental impact and financial sustainability.
This national scandal is a disaster for Thames Water billpayers and the environment, saddling customers with the responsibility for funding billions of junk-rated debt while its executives escape responsibility.
The judgment in favor of the restructure plan indicates a significant compromise, prioritizing public service continuity despite the concerning financial implications for customers.
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